The Colonials' Sweet Revenge
Indian entrepreneur acquires venerable british colonial company that once ruled Nort Borneo
Online, April 14, 2010 (Newswire.com) - Hot on the heels of the news that Indian businessman Sanjiv Mehta has acquired the venerable British company , The East India Company, comes news that yet another old British company, The British North Borneo Company, has been acquired by an Indian
British Asian entrepreneur Shiv Shankaran Nair, acquired the rights to the British North Borneo Company, a company incorporated by Royal Charter in 1881. After discussions with the Privy Council in London, which is responsible for all Royal Chartered Companies, he was able to persuade The British Companies House to release the company to him.
The British North Borneo Company applied for and received a charter from Queen Victoria in 1881. The conditions laid down were that the company must remain British and that the religion and customs of the native inhabitants must be respected. Later on more concessions were added, granted by the Sultan of Brunei.
Because of possible complications with foreign powers, a British Protectorate was declared over the northern part of Borneo in 1888, which included Sarawak, Brunei and the state of North Borneo. The Crown took over external affairs, while the Chartered Company remained in control of internal administration of their territory, except that the Governor chosen by the directors of the company sitting in London to represent them in Borneo was to have the approval of the Colonial Secretary.
The British North Borneo Company continued its operations until the Japanese invasion in 1942. On 15 July 1946 the company's rights passed to the Crown. It then became the Colony of North Borneo and included the island of Labuan
Nair, who is based in Malta, and who chairs another old company with connections in Borneo, British Borneo Petroleum Ltd, last night refused to comment on his acquisition. The low profile businessman has been involved in several high value, natural resource transactions involving Chinese state companies and governments in Africa and Latin America.